Northern Financial Announces Chairman and Chief Executive Offficer
Purchases Additional Shares in Non-Brokered Private Placement
NORTHERN FINANCIAL CORPORATION
(TSX-V: NFC)
TORONTO, Nov. 9, 2012 /CNW/ - Northern Financial
Corporation (TSX-V: NFC) ("Northern" or the "Company") has closed a
non-brokered private placement consisting of 2,000,000 common
shares at a price of $0.05 per common
share, for gross proceeds of $100,000. Mr. Vic
Alboini, Chairman and Chief Executive Officer of Northern,
subscribed for the entire amount of the private placement.
Mr. Alboini now owns or has control over
13,570,332 common shares of Northern. In accordance with applicable
securities legislation, the common shares issued will be subject to
a hold period of four months plus one day from the date of closing,
expiring March 10, 2012.
The Company will be repaying the $200,000 balance of a demand loan outstanding and
the proceeds of the private placement will be used for this
purpose. The original amount of the demand loan outstanding
as at June 30, 2012, was $400,000, of which $200,000 was repaid on October 9, 2012.
About Northern Financial Corporation
Northern Financial Corporation wholly owns
Northern Securities Inc., a full service investment dealer that
provides financial advisory services to retail and institutional
clients and investment banking services to small capitalization
companies.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this news release.
This press release may contain forward-looking statements with
respect to the Company, its operations, strategy, financial
performance and condition. These statements generally can be
identified by use of forward looking words such as "may", "will",
"expect", "estimate", "anticipate", intends", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of the Company discussed herein
could differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Important factors that could cause actual results to differ
materially from expectations include, among other things, general
economic and market factors, competition, changes in government
regulations and the factors described under "Risk Factors" in the
Management's Discussion and Analysis and Filing Statement of the
Company which are available at www.sedar.com. The cautionary
statements qualify all forward-looking statements attributable to
the Company and persons acting on their behalf. Unless otherwise
stated, all forward-looking statements speak only as of the date of
this press release and the Company has no obligation to update such
statements.
SOURCE Northern Financial Corporation